IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a> confirmed it received a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a> at 0.274 RPL shares per PTM share + special dividend of A$0.24.</li>
<li>The implied offer price of A$1.14 per share based on Regal’s undisturbed price of A$3.30 per share is a 15.6% premium to the undisturbed price of A$0.99 (16 September).</li>
<li>Despite the modest takeover premium, the offer is attractive compared to historical and peer multiples. Expect the Board to engage to facilitate an improved binding proposal.</li>
</ul>



Platinum Asset Management (PTM AU) confirmed it received a non-binding indicative proposal from Regal Partners (RPL AU) at 0.274 RPL shares per PTM share + special dividend of A$0.24.
The implied offer price of A$1.14 per share based on Regal’s undisturbed price of A$3.30 per share is a 15.6% premium to the undisturbed price of A$0.99 (16 September).
Despite the modest takeover premium, the offer is attractive compared to historical and peer multiples. Expect the Board to engage to facilitate an improved binding proposal.


Platinum Investment Mgmt (PTM AU): Regal Partners’ Indicative Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a> has confirmed, and is "considering the merits" of an  unsolicited confidential, non-binding, indicative proposal from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>.</li>
<li>
Regal has offered, by way of a Scheme, 0.274 Regal shares for every Platinum share. A $0.24/share special dividend is permitted, and added. Regal holds an estimated 5.1% stake.</li>
<li>With funds under management down 27% yoy, a merger with Regal is just the tonic for Platinum's long-suffering investors. Founder Kerr Neilson, holding 21.7%, will have the final say.</li>
</ul>



Platinum Asset Management (PTM AU) has confirmed, and is "considering the merits" of an  unsolicited confidential, non-binding, indicative proposal from Regal Partners (RPL AU).

Regal has offered, by way of a Scheme, 0.274 Regal shares for every Platinum share. A $0.24/share special dividend is permitted, and added. Regal holds an estimated 5.1% stake.
With funds under management down 27% yoy, a merger with Regal is just the tonic for Platinum's long-suffering investors. Founder Kerr Neilson, holding 21.7%, will have the final say.


Platinum (PTM AU): Regal's Indicative Offer

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.


ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

<ul>
<li>You could see this coming. With due diligence expected to close on the 15th May, Bain has <a href="https://announcements.asx.com.au/asxpdf/20250514/pdf/06jq3sqhyp56bp.pdf" target="_blank" rel="noopener">notified</a>  <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> it won't proceed due to macro uncertainties. </li>
<li>Discussions remain ongoing with CC Capital. No fixed timeline on those talks, although it appears negotiations will extend beyond the 15th May.</li>
<li>NBIOs were not an ideal place to hide amid Trump’s trade war. They still aren't. Insignia is down 14.9% as I type.</li>
</ul>


You could see this coming. With due diligence expected to close on the 15th May, Bain has notified  Insignia Financial (IFL AU) it won't proceed due to macro uncertainties. 
Discussions remain ongoing with CC Capital. No fixed timeline on those talks, although it appears negotiations will extend beyond the 15th May.
NBIOs were not an ideal place to hide amid Trump’s trade war. They still aren't. Insignia is down 14.9% as I type.


Insignia Financial (IFL AU): Bain Walks Due To "Macro Uncertainty". CC Capital's Still In. For Now

<ul>
<li>On 7 March, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.</li>
<li>The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. </li>
<li>The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.</li>
</ul>


On 7 March, Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.
The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. 
The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.


Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

Australia

Platinum Asset Management Limited is a fund management company. The Company specializes in global equities.

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Platinum Asset Management (PTM AU)

Platinum Investment Mgmt (PTM AU): Regal Partners’ Indicative Offer

Despite the modest takeover premium, the offer is attractive compared to historical and peer multiples. Expect the Board to engage to facilitate an...

Arun George

Platinum (PTM AU): Regal's Indicative Offer

Platinum should engage. Terms are indicative. But on balance, this proposal is panacea to long-suffering Platinum shareholders. Trading at a 2.6%...

David Blennerhassett

ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in Sigma Pharmaceuticals (SIG AU), Evolution Mining...

Ke Yan, CFA, FRM

Insignia Financial (IFL AU): Bain Walks Due To "Macro Uncertainty". CC Capital's Still In. For Now

The undisturbed price is ~A$3.06/share. For long-onlies, you could take advantage of the share price weakness. This is not the place to hide for...

David Blennerhassett

Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. The presence of two bidders increases the...

Arun George

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